Are you looking to live out your dream retirement but are struggling to create a retirement plan? For most retirees, income going into retirement is one of the biggest hurdles to living comfortably. If you are 62 or older and you want to pay off your existing mortgage or supplement your savings and other retirement incomes, a HECM retirement line of credit may be an invaluable retirement planning product for you. If you’re looking to make another purchase in retirement, to travel, or need to cover unforeseen medical expenses, SMPL Mortgage can help find the right product to suit your situation.
You may be wondering, what is a HECM line of credit? Simply put it’s a federally backed reverse mortgage that is insured by HUD making it a unique tool in the retirement planning toolkit. If you are looking to finally make the leap to retirement but are struggling to make up the difference in savings that would allow you to live with complete financial freedom, a reverse mortgage can allow you to access the liquidity of your existing assets. If you’re under the burden of an existing debt, then this type of retirement mortgage will allow you to pay off outstanding balances thus immediately improving your finances. One of the most important factors of a HUD insured reverse mortgage, especially during the time of a pandemic, is the protection against the unpredictability of housing markets. No matter what your home value might become, the equity of the HECM line of credit is federally secured.
Los Angeles has almost 4 million residents, and of those, about 396,696 are over the age of 65 and eligible for a HECM line of credit. The average home value within the city sits at $788k making the market one of the most equity-rich cities in California. For individuals looking to live out their dream retirement scenario and pursuing the financial freedom to do so, we encourage you to call SMPL Mortgage today to find out how you can leverage your existing assets.
Our primary goal is to help potential homebuyers and long-standing homeowners navigate the complex field of mortgage financing and understand the types of mortgages available to utilize. Our belief is in meeting our clients needs at any life stage. We believe in people and their potential, as well as making their dreams of financial security and freedom Humanly Possible. For an initial consultation please contact our mortgage experts HERE.